Monday, August 8, 2011

Aug-08-2011--The sell-off comes in reaction to the downgrade on US debt by Standard & Poor's.

Accelerating fears of a new global recession sent the Dow Jones industrial average plunging more than 600 points as Washington policymakers scrambled to contain the damage fueled by reaction to the U.S. credit rating downgrade.

By Monday's closing bell, the Dow had sustained its largest one-day drop — 634.76 points, or 5.6% — since the fall of 2008.

In one day, $700 billion in U.S. stock value was wiped out,

"They're thinking 'I may have been fooled once but I won't be fooled a second time and I want out of the Stock Market ."

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